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<br /> <br /> Amended BOPS and EOPS <br /> April 2, 2012 <br /> Page 2 <br /> the Successor Agency under the Dissolution Act to administer the enforceable obligations of the <br /> Agency and otherwise unwind the Agency's affairs, all subject to the review and approval by a <br /> seven-member Oversight Board. Prior to its dissolution and pursuant to Part 1.8, the Agency <br /> adopted an original and an Amended Enforceable Obligation Payment Schedule ("EOPS") and <br /> prepared a Recognized Payment Schedule ("BOPS"). <br /> As a result of a recent discussion with the State Department of Finance, certain items on the <br /> BOPS, that was prepared as required by March 1, 2012, have been revised (see highlights on <br /> Exhibit A of Exhibitl thus the "Amended BOPS" is being presented for approval. Following <br /> action by the Successor Agency, the BOPS is required to be presented to the Oversight Board <br /> for its approval, and then submitted to both the State Controller's Office and State Department of <br /> Finance (April 15, 2012 deadline). The Santa Ana Oversight Board's first meeting is tenatatively <br /> scheduled for April 10, 2012. <br /> To be consistent with the amendments to the BOPS, an update to the Amended EOPS has been <br /> prepared ("Second Amended EOPS") and is being recommended for approval as well. The <br /> original EOPS was approved by the former Redevelopment Agency ("Agency") on August 24, <br /> 201 1 , and the Amended EOPS was subsequently approved by the Agency on January 30, 2012 <br /> (Exhibit A of Exhibit 2). <br /> FISCAL IMPACT <br /> California Health and Safety Code Section 34173(e) stipulates that "the liability of any successor <br /> agency, acting pursuant to the powers granted under the act adding this part, shall be limited to <br /> the extent of the total sum of property tax revenues it receives pursuant to this part and the value <br /> of assets transferred to it as a successor agency for a dissolved redevelopment agency." Thus, <br /> the City's obligations as Successor Agency are limited by the amount of property taxes and the <br /> value of assets it receives in its role as the Successor Agency. <br /> ~Y) G~LG~o <br /> Nancy T. Ed rds <br /> Interim Execu l Director <br /> Community Development Agency <br /> NTE/SG/mlr <br /> Exhibits: 1. BOPS Resolution <br /> 2. EOPS Resolution <br /> 4-2 <br />